Order book good enough for next 2yrs Debt not too high Reasonable valuation.

(1) Increase in a/c receivable is 2.3 times NP.
(2) Peers like Sunil hitech, BGR,Techno Elecric all trade at lower PE multiple except L&T.
(3) thermal power sector is already in doldrums and receiving the payment from govt. entities is not an easy task-the sole reason for high a/c receivables.
Bhel, NTPC and other SEBs themselves are struggling.
(4)debt/equity is low at .5 but total liab/NW is 2.5

Check/calculate the current ratio (stricter would be Quick ratio - which excludes inventory- and strictest OCF/Current Liabilities). Infra likely to see an upturn in 3rd/4th qtr and this 1 would have garnered some working cap/pared debt through IPO proceedings.

__________________'Growth & Value are joined at the hip' - Warren buffet

Check/calculate the current ratio (stricter would be Quick ratio - which excludes inventory- and strictest OCF/Current Liabilities). Infra likely to see an upturn in 3rd/4th qtr and this 1 would have garnered some working cap/pared debt through IPO proceedings.

Liquidity looks good enough to me (Can't expect much better in infra space currently) CR & QR close hence not much inventory (as one would expect for an EPC-O&M player) Asset light Moreover they'll be debt free and garner enough working cap through this issue.

__________________'Growth & Value are joined at the hip' - Warren buffet